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XRP‘s price turned back from the resistance level of $0.51 after a short-term rise starting from $0.488. The level of $0.488 previously acted as a support level where the decrease, which reached its highest level of $0.93, stopped. The price of XRP is struggling to stay above the important level of $0.5 for the continuation of the upward movement, and this situation scares investors.
Technical Outlook of XRP Price
The Moving Average Convergence Divergence (MACD) indicator on the daily timeframe price chart of XRP gives a weak buying signal and suggests that losses may occur below $0.5, which is the trendline below the red signal line. The first support level is at $0.488, and if the selling pressure continues, there may be a potential drop to $0.44 and $0.4.
Investors need to maintain their positions opened with the expectation that the levels of $0.5 and $0.488 will continue to support the price. This may target $0.55, which corresponds to the 50-day Exponential Moving Average (EMA), as XRP gains momentum for a recovery above $0.51. Technically, the support range between $0.488 and $0.5 on the daily timeframe is very important. If the price falls below this support zone, it may result in XRP moving towards $0.44 and $0.4 before rising again.
Despite the current market conditions, the MACD indicator indicates a bullish trend, but the lack of momentum and liquidity weakens the market structure. If the price trend is supported by both, XRP can challenge the downtrend line and target the resistance levels of $0.55, $0.6, and $0.8, respectively.
Overall Outlook of XRP
In terms of investment products, while entries to XRP products are decreasing, the adoption of XRP in the US, especially on Coinbase with an average trading volume of $462 million last month, shows an increasing trend.
Furthermore, the legal battle between Ripple and the SEC continues. Ripple opposes the SEC’s decision to appeal the court ruling, and both sides are preparing for the hearing. As Ripple is expected to announce its plans for public offering during the upcoming hearing and potentially regain investors’ trust, the price of XRP may experience significant volatility in the coming days of the month.
